Annual report [Section 13 and 15(d), not S-K Item 405]

Oil and Gas Royalty Interests (Tables)

v3.25.4
Oil and Gas Royalty Interests (Tables)
 12 Months Ended
Dec. 31, 2025
Real Estate [Abstract]  
Schedule of Royalty Interests
As of December 31, 2025 and 2024, the net book value of the oil and gas royalty interests we owned was as follows (in thousands):
December 31,
2025		 December 31,
2024
Oil and gas royalty interests:
1/16th nonparticipating perpetual royalty interests (1)
$ —  $ — 
1/128th nonparticipating perpetual royalty interests (2)
—  — 
Royalty interests acquired, at cost (3)
897,437  447,071 
Total royalty interests 897,437  447,071 
Less: accumulated depletion (57,413) (14,670)
Royalty interests, net $ 840,024  $ 432,401 
(1)Royalty interests assigned through the Declaration of Trust dated February 1, 1888. Nonparticipating perpetual royalty interests in 185,369 NRA as of December 31, 2025 and 2024.
(2)Royalty interests assigned through the Declaration of Trust dated February 1, 1888. Nonparticipating perpetual royalty interests in 5,308 NRA as of December 31, 2025 and 2024.
(3)Royalty interest in 33,380 and 15,897 NRA as of December 31, 2025 and 2024, respectively.